Saturday Reporter-Herald November 27, 2010 E1
Real Estate Matters
www.homeandrealtyguide.com • Saturday, November 27, 2010 • Reporter-Herald
Lender’s decision taking months ILYCE GLINK TRIBUNE MEDIA SERVICES
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uestion: It has now been seven months that we have been waiting in line attempting to get our mortgage loan modified by our “big box lender,” as you like to call them. Each time we call to get an update, we get a new deadline of when the bank expects to have a decision. At first we got the runaround with phantom requests for paperwork that we had already submitted. Only after escalating to the State Attorney General of Ohio did the bank acknowledge receipt of our application and proceed with the process. The Attorney General told us there was little they could do. We contacted our lender a few days later, and they told us our loan was being reviewed by the underwriter and that we should follow up in 30 days. We contacted the lender again in September to check on the progress and we were told that it was still with the underwriter. At that point, we began calling every few days hoping for a real response. Finally, in early October we were told that we were “provisionally” approved and that we should receive modification paperwork in a few days via FedEx. A couple weeks went by and we contacted our lender again, and we were told that there would be a decision by Nov 5. So we waited another week before calling again, this time on Nov 3, only to be told that it could be another 30 days before we would hear from anyone. There have been no requests for additional information, and each time we call we are told a different story. We have been trying to keep pace with the payments, but it is difficult with a reduced income since taking a lower-paying job. Worse, on Election Day, two levies passed in my district, which means in a few months my total payment will increase by about $300. We are barely making it now, and the additional payment will be beyond my means. We need this modification to keep our home. We are doing our part, providing any information requested, making monthly payments, even sacrificing staying current on other bills to ensure we stay current. And yet our lender has taken I See Glink /Page E2
Location Reigns Supreme said schools Location is Loveland, play a big part in a homebuying decision. gravitate toward vital when “People specific schools — there some that are defipurchasing are nitely more popular than (in this region),” real estate others she said. Educational JADE CODY SPECIAL SECTIONS EDITOR
performance and sports tend to make some schools, and the homes near them, more palatable.
RH photo/Jade Cody
Kendall Brook is an example of a well-run subdivision in Loveland.
fering opinions on the proximity of their home hen shopping to major highways and for a home in amenities, Cook said. Loveland, loca- AMENITIES NEARBY STREETS For example, homes in tion is always a vital Connie Gliott, broker western Loveland are a One of the greatest component. It is among with RE/MAX Alliance in detriments to a home’s little further away from Ithe most influential fac- Loveland, said one of the location is when it is 25 and some of the tors in a home’s value, most important aspects right next to a busy town’s commercial both now and into the to a home’s location is street, Specketer said. amenities, yet they are future. It also dictates, its proximity to ameni“No matter what price tucked into the foothills to a certain degree, ties such as parks, bike range you’re in, if it and offer more of a quiet homeowner satisfaction. paths and lakes. She backs up to a very busy solitude. Alternatively, There are many factors pointed out the Seven street, that is always go- for some buyers, espeinvolved with home’s lo- Lakes area in Loveland, ing to be bad as far as re- cially commuters, being cation. Here are some with its private lake sale value.” close to I-25 and the important ones to conrights and close access Centerra area is Kevin Cook, broker/ sider: to bike trails and parks, president of Cottage paramount, he said. as one of the most desir- Realty in Loveland, said SCHOOLS THE SUBDIVISION able locations in Lovepeople tend to like For families, proximity land. cul-de-sacs, quiet streets If a development or to desirable schools can Specketer said being and streets that have subdivision isn’t properly make or break a deal. close to water is always a speed bumps. cared for, that can also Kristen Specketer, good thing, as is proximnegatively affect locaACCESSIBILITY Broker Associate Partner ity to golf courses and tion. Before moving with The Group in Homeowners have dif- somewhere, talk to a few urban areas such as Cen-
W
“No matter street, that
terra. “People like to be close to these types of things,” she said.
neighbors about the HOA and how the subdivision is governed. Take notice of the entrance signs, the open space areas and the overall cleanliness of the neighborhood. “If it’s not maintained well, I think that really does decrease the value of the homes,” Gliott said. She said Kendall Brook, which is located in Northern Loveland, is a good example of well-run development OTHER LOCATION FACTORS TO CONSIDER IN LOVELAND
• Proximity to train tracks • Crime rates in the area • Number of shorts sales or foreclosures in what price range you’re in, if it backs up to a very busy the immediate area • Views of the mounis always going to be bad as far as resale value.” tains, greenbelts, golf — Kristen Specketer, Broker Associate Partner with The Group in Loveland courses and water.
NAR: Housing market recovery depends on jobs, access to credit NATIONAL ASSOCIATION OF REAL-
policy to urge the mortgage lending industry to reassess and amend their policies so more qualified home buyers lthough the recent can become home owners. trend of rising long-term “Currently, the overly tight borrowing rates may underwriting standards are mean higher mortgages for holding back the pace of housconsumers in the coming ing market recovery,” Yun said. months, the greater obstacles “In particular, creditworthy to housing market recovery small business owners and are job creation and availabili- those who want to purchase inty of credit, according to a Na- vestor properties have encountional Association of Realtors tered extreme difficulties in analysis. obtaining a mortgage. In con“Modest changes in morttrast, all indications are that gage rates are less important recently originated mortgages to a housing market recovery with Fannie Mae, Freddie Mac, than the number of people and the Federal Housing Adwho are able to obtain mortministration have solid loan gages,” said NAR Chief performance, implying that Economist Lawrence Yun. credit is only going to the most well-qualified borrowers. Last week, NAR’s Board of Additional creditworthy borDirectors approved a credit
TORS
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rowers who are willing to stay well within budget and meet reasonable underwriting criteria should be able to obtain a loan to help speed the housing and economic recovery.” To qualify for a loan, most buyers also must be gainfully employed. As Congress reconvenes this week and considers an extension of the Bush tax cuts, their decision could impact job creation. If the Bush tax cuts are extended for those earning less than $250,000 but taxes are increased for higher earners, Yun expects about 1.5 million net new jobs to be added to the economy in 2011. Mortgage rates are expected to rise to 5.4 percent by the end of 2011 from current 4.2 percent average rate provided the infla-
tion rate stays manageable at near 2 percent. Total home sales, both existing and new combined, would rise to 5.5 million in 2011 from 5.1 million in 2010. If the Consumer Price Index inflation rate was to reach 3 percent, then mortgage rates could rise to 6 percent by the end of 2011, cutting home sales to 5.2 million. “If the Bush tax cuts were extended for everyone across the board, an additional 400,000 additional jobs could be created in 2011, with home sales rising by an additional 60,000 to 80,000,” Yun said. “Of course, there are many factors that could influence job creation, and we also need to be mindful of the very high current budget deficits.”
Inside this week’s Home & Real Estate
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Featured Home Plan The Lewiston is perfect for a growing family
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Front Range Gardening Director y
Carol O’Meara shares a taste of her garden for the holidays
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